Whether you purchased one yourself or were grandfathered into it when you bought your house, there comes a time when you must renew your home warranty to continue coverage.
When this time comes, these are the three questions you need to ask before renewing your home warranty.
What kind of coverage am I getting?
When considering a renewal, you also want to consider how your coverage meets your unique needs.
Do you live in a region with unbearably hot summers? Make sure you have coverage for your cooling system. You want to be ready in case it breaks down at the worst possible time.
What if you live in a part of the country with harsh winter weather? Get coverage for your heating and water system to protect yourself from system failures when problems are most likely to occur.
Of course, if you have a pool, lawn sprinkler system, spa, or any other system you’d like covered, double-check to make sure your policy covers those systems before you renew. You don’t want to be stuck in a situation where you have an issue that isn’t covered under your current home warranty plan just because you neglected to review your policy at the end of the year.
Does my policy renew automatically?
In some cases, you might not have to do anything to renew your warranty, because it renews automatically. This convenience feature ensures your home is never without coverage. Think about it. Wouldn’t it be awful to have your air conditioner break down in the middle of the summer, only to learn that your policy ended six weeks ago?
Be sure to check your warranty provider’s terms and conditions to ensure your policy renews automatically. Of course, if your home is covered under Select Home Warranty, you’ll be able to rest easy knowing your policy will auto-renew at the end of your term. This means no lapse in coverage.
Will I be moving to a new home in the next year?
It’s understandable that, if you’re planning a move within the next year, you might have some reservations about renewing your home warranty. However, it’s actually beneficial to have a warranty when selling your house.
According to Business Week Magazine, eight out of every ten home buyers prefer to purchase a home that’s covered under a home warranty. In fact, houses covered by a warranty tend to sell for more on average and at a faster rate than houses without coverage.
A warranty gives home buyers and sellers additional peace of mind, protecting the systems and appliances in the home while it’s on the market. Best of all, the new homeowner gets to enjoy all of the benefits of the home warranty after you leave.